09/11/2010 09:02
Lebanese bank, BLC Bank, announced its decision on Tuesday to submit a public offer for the acquisition of the total shares and convertible bonds 2010/2020 of USB Bank, after securing the relevant supervisory approvals.
The consideration for the acquisition of the USB titles stands at €0.80 per share, which represents a premium of 8.1% from the closing price of USB yesterday, while the price for every convertible bond is €1 cash.
The total number of issued shares of USB Bank (the “Shares”) is 45.505.628 ordinary shares of nominal value €0,57 each and the total number of issued Convertible Bonds is 1.209.060 Convertible Bonds of nominal value €1 each.
BLC Bank currently holds 4.504.500 Shares or the equivalent of approximately 9,90% of USB’s share capital. It had acquired them in early September, when it announced the possible submission of a public offer if it secured the supervisory approvals for the acquisition of more than 10% of USB.
According to the announcement, “BLC Bank has secured irrevocable commitments from shareholders of USB Bank to acquire 28.640.624 Shares or the equivalent of 62,94% of USB’s issued share capital within the Offer’s framework”.
In particular: Kaleta Services Limited which holds 2.100.000 Shares (4,61%), Path Holdings Ltd which holds 11.570.766 Shares (25,43%), Mrs Ioanna Christofi who holds 3.654.345 Shares (8,03%), Jupiwind Ltd which holds 2.589.719 Shares (5,69%), Tygoonato Coffee Lounge Ltd which holds 689.655 Shares (1,52%), Mr. Yiannos Kasoulides who holds 2.706.500 Shares (5,95%), Liberty Life Insurance Public Company Ltd which holds 2.096.475 Shares (4,61%), Grandwind Ltd which holds 1.000.000 Shares (2,20%), Stella Holdings Ltd which holds 1.492.254 Shares (3,28%) and Mr Hagop Keheyan who holds 740.910 Shares (1,63%) have irrevocably committed to accept the Offer.
To acquire the total capital of the bank, BLC Bank must submit €32.8 million more, while for the convertible bonds €1.2 million.
The Offer is subject to the approval of the Central Bank of Cyprus, the approval of the Central Bank of Lebanon and BLC Bank securing no less than 19.640.000 Shares or 43,16% of USB.
BLC Bank has a network of 35 branches. It is a member of Fransabank.
The consideration for the acquisition of the USB titles stands at €0.80 per share, which represents a premium of 8.1% from the closing price of USB yesterday, while the price for every convertible bond is €1 cash.
The total number of issued shares of USB Bank (the “Shares”) is 45.505.628 ordinary shares of nominal value €0,57 each and the total number of issued Convertible Bonds is 1.209.060 Convertible Bonds of nominal value €1 each.
BLC Bank currently holds 4.504.500 Shares or the equivalent of approximately 9,90% of USB’s share capital. It had acquired them in early September, when it announced the possible submission of a public offer if it secured the supervisory approvals for the acquisition of more than 10% of USB.
According to the announcement, “BLC Bank has secured irrevocable commitments from shareholders of USB Bank to acquire 28.640.624 Shares or the equivalent of 62,94% of USB’s issued share capital within the Offer’s framework”.
In particular: Kaleta Services Limited which holds 2.100.000 Shares (4,61%), Path Holdings Ltd which holds 11.570.766 Shares (25,43%), Mrs Ioanna Christofi who holds 3.654.345 Shares (8,03%), Jupiwind Ltd which holds 2.589.719 Shares (5,69%), Tygoonato Coffee Lounge Ltd which holds 689.655 Shares (1,52%), Mr. Yiannos Kasoulides who holds 2.706.500 Shares (5,95%), Liberty Life Insurance Public Company Ltd which holds 2.096.475 Shares (4,61%), Grandwind Ltd which holds 1.000.000 Shares (2,20%), Stella Holdings Ltd which holds 1.492.254 Shares (3,28%) and Mr Hagop Keheyan who holds 740.910 Shares (1,63%) have irrevocably committed to accept the Offer.
To acquire the total capital of the bank, BLC Bank must submit €32.8 million more, while for the convertible bonds €1.2 million.
The Offer is subject to the approval of the Central Bank of Cyprus, the approval of the Central Bank of Lebanon and BLC Bank securing no less than 19.640.000 Shares or 43,16% of USB.
BLC Bank has a network of 35 branches. It is a member of Fransabank.
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